trending Market Intelligence /marketintelligence/en/news-insights/trending/ok4rgcngxms1nzugo8wpsg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

J.G. Wentworth completes Chapter 11 restructuring

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


J.G. Wentworth completes Chapter 11 restructuring

J.G. Wentworth Co. has completed its reorganization under its prepackaged Chapter 11 plan.

The company extinguished $449.5 million in principal of outstanding debt and secured a revolving credit facility of roughly $70 million from HPS Investment Partners LLC. The company expects its debt service to be reduced to roughly $5 million from $32 million annually and its net leverage to be decreased to 1.0x from roughly 12.4x.

Lenders have exchanged their claims under the extinguished credit facility for cash consideration and at least 95.5% of the equity in the restructured company. The company, which had continued operations throughout the in-court restructuring process, will retain its leadership team.